Core Insights - Resource cycle assets, including non-ferrous metals, energy (oil, coal), chemicals, and steel industries, have been largely overlooked by investors in the past but have shown significant performance this year, particularly non-ferrous metals which have risen by 87.15% due to factors like supply-demand balance, inflation hedging, and risk aversion [1] - Different segments within the resource cycle have exhibited varied performance, with the energy sector being favored for its high dividend yield, while chemicals and steel have benefited from "anti-involution" policies, leading to a strong performance in Q3 [1] Fund Types Overview - Index funds are categorized into four types: - Non-ferrous metal funds, which have a long-term holding ratio of over 90%, are the most numerous and have high purity [4] - Rare earth funds, benefiting from China's tariff countermeasures, are critical resources used in new energy, electronics, and military applications [4] - Gold stock funds, which have seen some funds increase by over 90% this year, benefit from multiple factors including risk aversion and central bank gold accumulation [4] - Comprehensive resource funds, which have a balanced industry approach but lower growth compared to non-ferrous metal funds, typically have non-ferrous metals as the largest sector but below 60% [5] Performance of Index Funds - Key index funds in the resource cycle sector have shown varying performance year-to-date: - Non-ferrous metal ETFs have returns ranging from 68.52% to 76.41% [6] - Rare earth ETFs have returns around 67.14% to 73.86% [6] - Gold ETFs have a notable return of 90.33% [6] - Comprehensive resource ETFs have lower returns, with the highest at 42.18% [6] Active Fund Types Overview - Active funds are divided into three categories: - Theme funds primarily focus on non-ferrous metals, typically holding over 50% in this sector, with additional allocations to coal and chemicals [7] - Balanced funds maintain a non-ferrous metal holding ratio generally below 50%, allowing for some rotation in investments [7] - Quantitative funds, which are fewer in number, utilize a strategy combining subjective and quantitative methods to select resource stocks for excess returns [7] Performance of Active Funds - Active funds have also demonstrated significant returns year-to-date, with some notable performances: - The "万家周期驱动股票发起式A" fund has a return of 47.20% [8] - The "中欧周期优选混合发起式A" fund has a return of 64.30% [8] - The "东方兴瑞趋势领航混合A" fund, categorized as balanced, has a return of 70.94% [8] - Resource cycle funds exhibit considerable elasticity, with decision-making centered on identifying turning points and timing [8]

Group 1: Public Fund Industry - The China Securities Investment Fund Industry Association is set to release a draft for public fund performance benchmark rules, which will allow fund managers to select from multiple benchmarks based on their product characteristics [1] - The introduction of performance benchmarks will serve as a core standard for evaluating fund managers' ability to outperform peers and generate excess returns, impacting their compensation and industry awards [1] - A new fee war is emerging among small and medium-sized distribution agencies, with some offering subscription fees as low as 0%, indicating a trend towards reduced fees to attract users [1] Group 2: Banking and Financial Services - The average interest rates for fixed-term deposits in September 2025 showed a slight decline across various terms, with the 1-year rate at 1.277% and the 3-year rate at 1.688% [2] - The Hong Kong Stock Exchange reported a significant increase in IPO financing, with a total of HKD 182.9 billion raised in the first three quarters of 2025, more than doubling compared to the same period in 2024 [2] Group 3: Agriculture and Food Industry - Pork prices in China have been declining for ten consecutive weeks, with expectations that mid-October prices may represent the lowest point for the year due to increased supply and seasonal demand fluctuations [2] Group 4: Technology and E-commerce - Cainiao Supply Chain is joining Taobao's flash purchase business to provide rapid delivery services, expanding the range of products available for quick purchase during the Double 11 shopping festival [3] - The iPhone Air has launched with lower resale premiums compared to previous iPhone models, indicating a cooling demand in the resale market [4] Group 5: Automotive Industry - Global automotive giants are implementing large-scale layoffs due to weak market demand, with over 100,000 job cuts reported from major manufacturers and suppliers [4] - Mercedes-Benz is executing its largest-ever layoff plan, aiming for around 30,000 voluntary departures, with significant compensation packages for senior employees [4] Group 6: Corporate Developments - Alibaba's small loan company has officially completed its deregistration, with its business now fully transitioned to Ant Bank [5] - Peng'an Fund Management announced a leadership change with Yang Bin succeeding Zhang Guoyong as chairman [5] - ST Nanchuan and its subsidiaries received a consumption restriction order due to a financial dispute, although business operations remain unaffected [6] - Tengjing Technology's subsidiary secured a sales order worth 87.606 million yuan for YVO4 products [7] - Zhongyan Dadi won a bid for a sports project in Beijing valued at 74.035 million yuan [8] - Sanwang Communication plans to repurchase shares worth 20 to 40 million yuan [9] Group 7: Financial Performance - Anke Rui reported a 21.31% year-on-year increase in net profit for the first three quarters of 2025, with total revenue of 837 million yuan [11] - Taishan Petroleum's net profit surged by 112.32% year-on-year, despite a revenue decline of 5.6% [12] - Zhejiang Xiantong achieved a 17.4% increase in net profit, with revenue growth of 21.74% [13] - Xiongdi Technology's net profit rose by 71.16%, with a revenue increase of 5.63% [14] - Haichen Pharmaceutical reported a 16.22% increase in net profit, with a significant revenue growth of 30.80% [15] - Qiaoyuan Co. saw a 40.54% increase in net profit, with revenue growth of 8.75% [16] - Fuda Co. reported an 83.27% increase in net profit, with a revenue increase of 27.32% [17] Group 8: Market Overview - The stock market experienced a decline, with the three major indices closing lower and trading volume shrinking to 1.67 trillion yuan, marking a significant drop from previous days [18][19]

Core Viewpoint - The "Belt and Road" initiative is creating new development opportunities in Central Asia, as highlighted by the Kazakhstani representative at a recent conference in Xinjiang [1]. Group 1: Economic Cooperation - China is the largest trading partner and the most significant foreign investor in Kazakhstan, with substantial achievements in trade, investment, and cultural exchanges [3]. - There is a commitment to optimize the cooperation model among Russia, China, and Central Asia, focusing on transportation, logistics, infrastructure, and energy sectors [3]. - The economic cooperation between China and Central Asian countries has shown steady growth, with thousands of Chinese enterprises investing across various sectors including energy, mining, agriculture, manufacturing, and logistics [4]. Group 2: Future Prospects - The cooperation between China and Central Asia is characterized as open and full of potential, with an emphasis on bilateral and multilateral relationships to enhance infrastructure and industrial upgrades in the region [3]. - The conference served as a platform for representatives from various sectors to discuss specific paths and innovative models for cooperation [2].

Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - The report focuses on the price fluctuations of upstream non - ferrous metals and energy, and also presents the latest developments in the production and service industries, as well as the current situation of different industrial chains [1][2]. Summary by Directory 1. Middle - level Event Overview Production Industry - The Guangdong Provincial People's Government Office issued the "Action Plan for High - quality Development of the Manufacturing Industry Empowered by Artificial Intelligence in Guangdong Province (2025 - 2027)", supporting enterprises to use various intelligent computing resources for industrial model development, promoting the construction of edge data centers, and emphasizing core software research and the synergy between AI and industrial Internet [1]. Service Industry - The Civil Aviation Administration announced the winter - spring flight schedule for 2025, starting from October 26, with domestic flight times contracting for two consecutive seasons, with a 1.0% decline in 2024 and a 1.8% decline in 2025. From October 15, global shipping giants collectively raised prices, with freight rates on multiple routes increasing by 600 - 2000 US dollars per container [1]. 2. Industry Overview Upstream - Non - ferrous metals: Gold prices have declined. Energy: International oil prices have continued to fall. Chemicals: PTA prices have slightly decreased [2]. Middle - stream - Chemicals: PX operating rate is at a high level. Energy: Power plant coal consumption is at a low level [2][3]. Downstream - Real estate: The sales of commercial housing in first, second, and third - tier cities have declined. Services: The number of domestic flights has increased [4]. 3. Key Industry Price Index Tracking - **Agriculture**: On October 21, the spot price of corn was 2180.0 yuan/ton (- 0.26% year - on - year), eggs were 6.0 yuan/kg (1.69% year - on - year), palm oil was 9306.0 yuan/ton (- 0.60% year - on - year), cotton was 14741.8 yuan/ton (0.35% year - on - year), and the average wholesale price of pork was 17.7 yuan/kg (- 2.80% year - on - year) [39]. - **Non - ferrous Metals**: On October 21, the spot price of copper was 85788.3 yuan/ton (- 0.25% year - on - year), zinc was 21922.0 yuan/ton (- 1.24% year - on - year), aluminum was 20943.3 yuan/ton (0.14% year - on - year), nickel was 122850.0 yuan/ton (0.23% year - on - year), and another type of aluminum was 17075.0 yuan/ton (0.63% year - on - year) [39]. - **Ferrous Metals**: On October 20, the spot price of rebar was 3131.8 yuan/ton (- 0.29% year - on - year), iron ore was 792.9 yuan/ton (- 1.26% year - on - year), and wire rod was 3295.0 yuan/ton (- 0.68% year - on - year) [39]. - **Non - Metals**: On October 21, the spot price of glass was 14.6 yuan/square meter (- 6.82% year - on - year), natural rubber was 14516.7 yuan/ton (0.58% year - on - year), and the China Plastics City Price Index was 779.6 (- 0.75% year - on - year) [39]. - **Energy**: On October 21, the spot price of WTI crude oil was 57.0 US dollars/barrel (- 4.15% year - on - year), Brent crude oil was 61.0 US dollars/barrel (- 3.65% year - on - year), liquefied natural gas was 3820.0 yuan/ton (2.85% year - on - year), and coal was 797.0 yuan/ton (0.76% year - on - year) [39]. - **Chemicals**: On October 21, the spot price of PTA was 4369.8 yuan/ton (- 2.02% year - on - year), polyethylene was 7076.7 yuan/ton (- 0.79% year - on - year), urea was 1570.0 yuan/ton (- 0.63% year - on - year), and soda ash was 1203.6 yuan/ton (- 1.23% year - on - year) [39]. - **Real Estate**: On October 21, the national cement price index was 133.7 (- 0.80% year - on - year), the building materials composite index was 111.5 (- 0.60% year - on - year), and the national concrete price index was 91.2 (- 0.18% year - on - year) [39].

金融期货早评 宏观：关注四中全会与 APEC 峰会 【市场资讯】1）王文涛部长与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈。 王文涛部长与荷兰经济大臣卡雷曼斯通话。2）俄乌进程一波三折："特普会"筹备遇阻，欧 洲首次明确响应特朗普，呼吁"立即停火"。3）高市早苗当选日本首相，内阁完成认证，正 式成立。 【核心逻辑】国内层面，中美贸易局势缓和的预期有所升温，后续需将中美贸易谈判进程 作为核心关注方向，但短期内对谈判成果不宜抱有过高期待。数据方面，三季度 GDP 同比 增速如期边际放缓，而 GDP 平减指数则呈现边际回升态势；从 9 月经济数据来看，生产端 韧性仍存，需求端则出现一定回落。近期财政发力托底经济的意图十分明确，后续经济复 苏的关键将取决于内需层面的修复节奏与力度。海外方面，美国政府停摆致数据真空，市 场对经济担忧暂缓但风险仍存，预计美联储 10 月降息 25 个基点，然因市场提前定价，实 际影响或有限。 人民币汇率：高市早苗当选首相 【行情回顾】前一交易日，在岸人民币对美元 16:30 收盘报 7.1171，较上一交易日上涨 60 个基点，夜盘收报 7.1250。人民币对美元中间价报 7.0 ...

当地时间周二（10月21日），美国股市三大股指收盘涨跌不一。其中，道琼斯工业指数盘中一度创出历史新高。 人造肉第一股又火了。 受到国际金价大跌影响，美股市场黄金股集体重挫，其中，盎格鲁黄金跌逾11%，金罗斯黄金跌逾11%，巴里克黄金跌逾9%。 值得一提的是，人造肉第一股Beyond Meat在周一（10月20日）大涨127%后，周二再度大涨，截至收盘，该股上涨146.26%，近两个交易日股价累计涨幅 超过450%。盘后该股涨超20%。 道指盘中再创历史新高 当地时间周二，美国股市三大股指收盘涨跌不一。截至收盘，道琼斯工业指数涨0.47%，报46924.74点，盘中一度创出历史新高；标普500指数收平，报 6735.35点；纳斯达克指数跌0.16%，报22953.67点。 美股大型科技股表现分化，亚马逊涨超2%，苹果、微软、Meta均小幅上涨，特斯拉跌逾1%，谷歌A跌逾2%。 美股金融股全线收跌，其中，摩根士丹利、摩根大通、花旗集团、美国银行、富国银行跌幅均超过1%，伯克希尔哈撒韦、高盛跌幅不足1%。 航空股多数收涨，美国航空涨超1%，达美航空、西南航空涨幅均不足1%，联合航空跌逾1%。 中概股多数下跌，纳斯达 ...

Group 1 - The company has returned idle raised funds of RMB 40 million for temporary working capital as of October 20, 2025 [2][6] - The company issued 12 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 1.2 billion, with a net amount of RMB 1,180,158,679.25 after deducting issuance costs [3][4] - The board approved the use of part of the idle raised funds for temporary working capital, with a maximum amount of RMB 40 million, to be returned within 12 months [4][5] Group 2 - The company plans to repurchase and cancel 35,640 shares of restricted stock due to the departure of two incentive targets and one target's performance being rated as "qualified" [8][10] - The decision for the repurchase and cancellation of restricted stock was approved in a board meeting held on July 18, 2025 [9][11] - After the repurchase, the remaining number of restricted stocks under the incentive plan will be 1,389,300 shares [11] Group 3 - The company announced that 659 shares from the conversion of convertible bonds will be listed for trading on October 28, 2025 [21][20] - The convertible bonds were issued to acquire 100% equity of a company, with a total issuance amount of RMB 1,079,997,300 [22][23] - The independent financial advisor confirmed that the listing of the restricted shares complies with relevant laws and regulations [26]

Core Viewpoint - Changjiang Energy Technology (920158) experienced a significant increase of 5.64% in its stock price, with a trading volume of 2.53 billion yuan and a turnover rate of 35.77% on the day of reporting [1] Trading Activity Summary - The stock was listed on the North Exchange due to its turnover rate reaching 35.77%, with institutional investors net selling 3.0352 million yuan [1] - The top five trading departments accounted for a total transaction volume of 52.7427 million yuan, with a buying amount of 25.8993 million yuan and a selling amount of 26.8434 million yuan, resulting in a net selling of 944,100 yuan [1] - Among the trading departments, one institutional specialized seat was noted, which had a buying amount of 2.8691 million yuan and a selling amount of 5.9043 million yuan, leading to a net sell of 3.0352 million yuan [1] Detailed Trading Department Activity - The top buying departments included: - Dongfang Caifu Securities, Lhasa Tuanjie Road First Securities Office: Buying 6.1226 million yuan, Selling 4.8146 million yuan - China Galaxy Securities, Chengdu Kehua North Road Securities Office: Buying 3.7325 million yuan, Selling 0.0026 million yuan - Dongguan Securities, Chaozhou Chaofeng Road Securities Office: Buying 3.7061 million yuan, Selling 0.0000 million yuan - Guojin Securities, Shenzhen Branch: Buying 3.5310 million yuan, Selling 1.4239 million yuan - Ping An Securities, Beijing Branch: Buying 3.1818 million yuan, Selling 0.1793 million yuan [1] - The top selling departments included: - Institutional specialized seat: Buying 2.8691 million yuan, Selling 5.9043 million yuan - Guoxin Securities, Shenzhen Hongling Middle Road Securities Office: Buying 1.1000 million yuan, Selling 5.3694 million yuan - Dongfang Caifu Securities, Lhasa Tuanjie Road First Securities Office: Buying 6.1226 million yuan, Selling 4.8146 million yuan - CITIC Securities (Shandong) Liaocheng Dongchang East Road Securities Office: Buying 0.0055 million yuan, Selling 4.6343 million yuan - Caixin Securities, Hangzhou Qingchun Road Securities Office: Buying 1.6506 million yuan, Selling 4.5150 million yuan [1]

Group 1 - The 2025 Private Enterprises Supporting Southern Xinjiang Development Conference was held in Hotan, Xinjiang, focusing on policy, funding, technology, market, and talent to promote private enterprises settling in Southern Xinjiang [1] - Since the launch of the project promotion conference in Beijing, 145 projects have been implemented in Southern Xinjiang, covering various sectors such as energy, textiles, equipment manufacturing, real estate development, and agricultural product processing, with a total investment of 48.82 billion yuan [1] - The continuous investment from private enterprises is injecting momentum into the high-quality development of Southern Xinjiang, supported by local policies and resource advantages [1] Group 2 - Tianjin Green Landscape Ecological Construction Co., Ltd. plans to leverage its technological advantages in ecological landscape and smart devices to promote new cultural tourism products in Hotan [2] - Hainan Yifeng Construction Engineering Co., Ltd. aims to introduce advanced clean energy technology and funding to support new energy projects in Hotan, facilitating green transformation and sustainable development in Southern Xinjiang [2] - The conference serves as a platform for private enterprises to exchange and cooperate, promoting industrial integration and resource sharing to steadily enhance the local economy [2]

Core Insights - The core CPI in September increased by 1.0% year-on-year, marking a significant return to focus after 19 months of fluctuations [3] - Overall CPI, however, decreased by 0.3% year-on-year, indicating a mixed economic signal where core CPI rises amidst overall deflation [5] Price Movements - Prices of essential food items such as seasonal vegetables and eggs rose by 2.2% and 3.3% respectively, while pork prices fell by 0.7%, suggesting a shift in consumer sentiment away from pork [7] - Service prices, particularly in tourism and accommodation, saw a year-on-year increase of 0.6%, reflecting a growing demand for higher quality services despite a seasonal decline post-summer [9] Economic Indicators - The core CPI's rise to 1% is viewed as a positive sign for consumer demand recovery, although it is influenced by base effects from the previous year [10] - The disparity in energy prices, with continued declines in gasoline and diesel, indicates a lack of recovery in production demand, highlighting structural issues in the economy [11] Consumer Behavior - The surge in gold prices by 6.5% is driven by both risk aversion due to geopolitical uncertainties and a lack of consumer confidence, leading to increased purchases of gold as a safe asset [11] - The demand for higher quality services, such as beauty and home services, is indicative of a trend towards consumption upgrades, where consumers prioritize quality over mere affordability [10] Future Outlook - The sustainability of the core CPI's upward trend depends on timely policy support and the stabilization of market confidence, as current recovery appears to be largely spontaneous [12] - The interplay between weak energy prices and fluctuating service costs poses a risk to consumer confidence, which is crucial for sustained economic recovery [12]